Wednesday brought a major update towards the regulation of blockchain in the United States as the House Committee on Energy and Commerce passed seven different consumer bills, one of them being the Blockchain Innovation Act. This act is a part of the Digital Taxonomy Act, which is a part of the overall Consumer Safety Technology Act. It is a major development for blockchain in the US as it will give blockchain a major boost as one of the technologies that are being worked on actively in the country.
Alongside another recognized technology i.e. artificial intelligence (AI), the Federal Trade Commission (FTC) and the United States Department of Commerce (DoC) will be taking a much closer look at it for potential risks it may pose to consumers. This level of research will certainly help the technology grow and develop a lot more quickly and become accessible to the masses for consumer applications. The study conducted on the blockchain will take a look at the issues that blockchain could cause to consumers and then report them to Congress. This will also include recommendations on how Congress can address any deceptive or fraudulent practices that bad elements may perform using blockchain and cryptocurrency trading technology.
The bill was sponsored by Representative Darren Soto (D-Fla.), who in a statement said that ultimately, the target of introducing this act is to have the introduce a dedicated resource in the DoC called the Blockchain Center for Excellence. In his statement Soto said, “I believe our government needs to support that growth, establish light-touch regulations to ensure certainty, protect innovation, stop fraud and enable its appropriate use for government, business and consumers.”
As of now, the Blockchain Innovation Act has been the most development that we have seen in the US regarding the development and use of blockchain technology in the country. The act is also a reflection of the US government’s antitrust chief’s comments who said last week that the blockchain technology should have the protection of the law behind it as it has the potential of stopping market monopolies from forming in the country.
The bill is currently being presented to the United States House of Representatives where it will be debated further for enactment.
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